UPDATE: Sept. 28 at 9:51 a.m. ET by Ethan Grant
More details have emerged on the terms of Floyd's contract, this time in the dollar and cents portion of the deal for the 31-year-old receiver.
According to columnist Kevin Acee of U-T San Diego, Floyd is guaranteed $8 million of his $11 million total salary over the three seasons of the extension.
Malcom Floyd's contract actually has $8 million guaranteed on the $11 million total ... 3-year total seems low. Guaranteed money is decent.— UTKevinAcee (@UTKevinAcee) September 28, 2012
That's different than the $1 million guaranteed originally reported. It seems to be a good deal for the Chargers, especially if Floyd continues to put up the No. 1-type numbers he has when given the opportunity to perform.
Guaranteeing all but $3 million of the deal might seem like a lot of upfront money, but keeping your No. 1 receiver around on a deal that only totals about $3.7 million per season is a pretty good bargain.
Floyd and the Chargers take on the Kansas City Chiefs this weekend, where he and Philip Rivers will look to get back on the same page after only catching 3 balls for 52 yards in the Week 3 loss to the Atlanta Falcons.
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According to the Chargers' official Twitter feed, Floyd has signed a three-year extension with the franchise:
At 31 years old, Floyd could be headed for some of his biggest statistical seasons yet. Vincent Jackson is in Tampa Bay now, Antonio Gates is skilled but frequently injured and Robert Meachem isn't a No. 1 receiver.
That leaves Floyd as Rivers' most-talented target, and he's justified that status so far this season. He has 13 catches for 227 yards and a touchdown through three games.
Not only is he a reliable target, but his 17.5 yards per catch puts his big-play ability on full display.
Floyd played sparingly until 2008. That year he caught 27 passes for 465 yards and four touchdowns, cementing himself as a capable downfield target in San Diego's offense.
His production has fluctuated since then, but one thing has stayed the same. He has averaged 19-plus yards per reception over the past two seasons, using his 6'5'' frame to stretch the field vertically.
He was able to snag 43 balls for 856 yards and five touchdowns last season, making Jackson's departure much easier to swallow.
The Chargers do not have a reliable ground game at this point, so it's wise for them to lock up the assets in their passing attack. Floyd isn't necessarily young, but he shouldn't have a problem playing well through 2015.
Look for Floyd's stock to keep rising as the 2012 season moves along. He has a rapport with Rivers, and it's showing.